Bitcoin moving on the pathway of Gold

[teosanru]

I personally think the comparison of Gold with Bitcoin doesn't makes any sense but I couldn't stop myself from sharing this chart comparison between both. Some would say that gold's chart is twitched and time frames are taken in such a way to look like that of Bitcoin but that actually is a normal chart and taken from recent history. Moreover, I am not saying that Bitcoin ETF could provoke a similar pump but similarity on chart does show that this isn't quite the end of BTC and neither are we becoming stagnant here.


picture credits: @bitcoin_holders

[ChrisPop]

Although this is an interesting similarity, Bitcoin is a much bigger beast than Gold has ever been before. A proven thing is that people tend to underestimate the power of the people and compounding. The 300% jump in gold price after the ETF is nothing compared to what BTC is capable of even without an ETF.  Gold is just a metal, Bitcoin is the pioneer of the blockchain technology and the king of the cryptocurrency meant to become the world's universal currency.

[teosanru]

Although this is an interesting similarity, Bitcoin is a much bigger beast than Gold has ever been before. A proven thing is that people tend to underestimate the power of the people and compounding. The 300% jump in gold price after the ETF is nothing compared to what BTC is capable of even without an ETF.  Gold is just a metal, Bitcoin is the pioneer of the blockchain technology and the king of the cryptocurrency meant to become the world's universal currency.

Yes that is a good point because bitcoin is much more volatile and has made a lot of big jumps so 300% is almost nothing. These charts show absolute increases and not logarithmic increases. Bitcoin has given exponential gains in the past while gold has taken around hundreds of year to display such exponential increases. I know bitcoin differs altogether from Gold in qualitative features, I don't want this thread to become another Bitcoin vs Gold in qualitative aspects.

[Mandoy]

Based on the chart that you placed there is a similarity between the movement of the trend. If we follow the lines it seems that bitcoin is following the pathway of Gold. But there is a very frightening idea that comes to my mind. Is there someone who is manipulating the price of bitcoin to follow the pattern the same as gold.Or there are organizations that manipulated the value of gold, and they are once again going to manipulate the price trend of bitcoin to follow the same pattern. Is there something in that pattern that they are trying to show us.

But before I discuss anymore about my conspiracy theory I will go back to the main topic. If the trend is not a coincidence then bitcoin could be really big in the future and the bullish group are right about their prediction that bitcoin will hit 100k dollars to 1 million dollars in the years to come.But the biggest obstacle for bitcoin is the approval of ETF by the SEC since all ETF were rejected and trashed by the SEC. Hence, the ETF is the one of the difference between gold and bitcoin. Golds skyrocket is caused by ETF while bitcoins downtrend is caused by the rejection of ETF.

[ufaiz50]

I personally think the comparison of Gold with Bitcoin doesn't makes any sense but I couldn't stop myself from sharing this chart comparison between both. Some would say that gold's chart is twitched and time frames are taken in such a way to look like that of Bitcoin but that actually is a normal chart and taken from recent history. Moreover, I am not saying that Bitcoin ETF could provoke a similar pump but similarity on chart does show that this isn't quite the end of BTC and neither are we becoming stagnant here.


picture credits: @bitcoin_holders

If more than 70% of cryptocurrency users treat bitcoin as a high-value asset, by holding it, then I think the bitcoin chart will be the same as gold. It depends on the user, but with a high difference between technology assets and traditional assets, it will most likely not be the same. BTW I seem to have seen the chart in late 2018, what year was the chart?

[GreatArkansas]

This kind of thoughts are already aged. But I am still rooting for this to happen, we just need to be patience. We have to wait more, that's why when you start having Bitcoin, you should look for long term position, just like gold, gold until now is still there. Gold and Bitcoin has their own similarities and different advantages or disadvantages.

But what if Bitcoin will don't get any ETF, do you think we can still follow Gold?

[Kyraishi]

That's really strange for sure, the 2 things are very different but when the graphs get placed together, it looks almost identical.

Not sure what's the reason to this, but if we are following the graph it estimates that there'll be a price pump in 2020? ETF is getting very close to being completed as well...

It's pretty crazy to see a decentralizatied technical coin be very similar to a traditional fiat investment.

[franky1]

I CALL B.S

the price of gold in the late 1970's-early 80's was HIGHER than any price there after
i kinda laugh that the OP took 'source' from a tweet without checking it out.

so here you go. REAL gold price chart from real source
https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart


oh look it looks nothing alike
when people start thinking twitter memes are a source of fact.. them people should lose permission to make financial decisions and advocate a family member to decide for them

the meme suggests that golds 1980's price of $2200 has recently seen a $6600 peak.
i guarantee you that never happened

[Lmaooo]

Bitcoin was invented as a digital store of value while Gold is a physical store of value. I think bitcoin and gold shared a lot of similarities in so many different ways. the major things that separate gold and bitcoin, the gold is centralized, fully regulated and less volatile compared to bitcoin volatility. 

[Zeke_23]

That's really strange for sure, the 2 things are very different but when the graphs get placed together, it looks almost identical.

Not sure what's the reason to this, but if we are following the graph it estimates that there'll be a price pump in 2020? ETF is getting very close to being completed as well...

It's pretty crazy to see a decentralizatied technical coin be very similar to a traditional fiat investment.

This may be a coincidence but this may also be destined to happen. If this will continue to happen and actually follow the way how gold showed in the graph this may be a good way for bitcoin.
Bitcoin is considered as a second gold, they have a lot of similarities, and they are also both using as a long term investment.
It will be another bullish market to come in the crypto world.

[CLS63]

I personally think the comparison of Gold with Bitcoin doesn't makes any sense but I couldn't stop myself from sharing this chart comparison between both. Some would say that gold's chart is twitched and time frames are taken in such a way to look like that of Bitcoin but that actually is a normal chart and taken from recent history. Moreover, I am not saying that Bitcoin ETF could provoke a similar pump but similarity on chart does show that this isn't quite the end of BTC and neither are we becoming stagnant here.


picture credits: @bitcoin_holders

It is really interesting to see that Bitcoin has a very similar graph to gold. If we take account that Bitcoin is growing faster compared to gold, the future graph will be much better than gold's I think.

[cryptoknightt]

indeed to make a picture like this is very easy but if realizing a very high price like that would be very difficult to happen, now imagine if everyone knew this position then who would buy bitcoin? everything will definitely wait until the price goes up but no one buys bitcoin anymore.

[Youghoor]

In as much that bitcoin might have some similar characteristics with Gold in terms of market growth and market cap, Bitcoin in no way moving on the pathway of Gold.
The market volume of Gold has a level of consistency and it's market price has a low level of fluctuation, whiles bitcoin, on the other hand, has nothing similar to this.
The market price of Bitcoin keeps fluctuating due to the volatile nature of it. How can bitcoin be moving in the pathway of Gold when its price is not somehow stable enough?

[samcrypto]

So simple to see the comparison but its hard to see the future movements of bitcoin. We all want that to happen, to see bitcoin to move above all currency. In time hoping for that to happen, will just buy and sell if there’s a good chance to take profit and I’m hope that bitcoin will become more stable like gold so everyone can now use it as a mode of payments with a less risk.

[SummerBliss]

Although graphs depict almost same results for bitcoin and gold but we cant compare both because each has its own importance as btc is digitally valued and gold is physical store of value which can be exchanged in legal currency.But btc has shown major growths in the past and prices are highly volatile and we can loose all money but this is not the case of gold as it will always have a monetary value.All that i want is btc grow to much higher level once again so we can gain profits.

[Red-Apple]

you can always manipulate any chart of any asset to look like the charts of any other asset just by a simple change of intervals, zoom, ... that doesn't mean the two markets are the same or even have anything in common.
this charts has been around for a while comparing bitcoin to gold. it is mostly trying to convince people that bitcoin is going up because gold has gone up and also relate all that to ETF. it also started during the downtrend and the height of SEC ETF rejections.
long story short the two, have nothing in common and bitcoin will go up and sometimes it may resemble gold but it is still a completely independent market with rises that are nothing like any other market.

[franky1]

i cant believe people are still posting that they actually believe gold market and bitcoin market are similar... all because of a twitter meme
are people really that gullible

check out my last post in this topic for clarification

[franky1]

also to add

gold 1980-2018

average Cost Loaf of Bread Food
1980 50 cents              2018 $2.50

so 1980's gold price of $2200 = 4400 loaves
so golds current price of $1400 = 560 loaves

golds purchasing power has DROPPED by 800%

bitcoins purchasing power of 2009 - 2019
2010 1 slice - today 3400 loaves

bitcoin and gold are not similar by any metric

[blckhawk]

Interesting observation. Personally, I don't believe that bitcoin would lose its relevance especially in our time. Bitcoin and gold both have limited total supply too. It could be just a coincidence or it's just the trend of new currencies. However, we still could not say the future movement of bitcoin, we cannot predict based on this observation. But one thing's for sure, bitcoin would not be gone soon and would still continue to be known to the general public.

[FlightyPouch]

I am disagreeing a lot of statements that say bitcoin is the next gold but seeing this chart really amazes and surprises me. I might consider what may happen but I don't think we should also think that bitcoin will be the next gold. It is not that I am close-minded about this, it is just that we all know that cryptocurrency, an intangible digital currency like bitcoin will never be the same as Gold.